Housing demand is rising at the fastest rate since December 2009, according to recent data released by the Australian Bureau of Statistics.
The research shows that population growth has reached 1.49 per cent, the highest growth since the last quarter of 2009 – and 18 per cent higher than recorded growth one year ago.
RP Data says this highlights how significantly Australia’s rate of net migration growth has turned around, and also discuss in their latest blog the implications of interstate migration.
“Historically, Queensland has attracted the lion’s share of interstate migrants, but since 2010 Western Australia and Queensland have been recording fairly similar numbers of net interstate migrants,” the blog said.
Western Australia has seen the most significant increase in overseas migrants, with the net number of new residents from overseas up 49 per cent over the year to March 2012.
“Stronger population growth is a significant factor for the housing market because it creates demand for housing,” RP Data said. The weakness in Tasmania’s housing market can partly be explained by the fact that the state has been seeing an exodus of residents to other states and territories that has been getting progressively worse over the past year.
“Looking forward, we can expect population growth to continue to increase across Australia. If the Department of Immigration forecasts are anything to go by, we are likely to see higher levels of population growth over the coming years on the back of further overseas migration,” RP Data writes.